Hi,
In film days we exposed transparencies for highlight and negative films for shadows. But, deciding what highlight needed to be included in the picture was always a compromise.
Transparency film had 18% grey (*) something like 2.5 stops under saturation, but saturation was sort of smooth. To my best knowledge, camera sensors put 18% grey something like 3 stops under saturation, but with sensors saturation clips. In special, colours are distorted when the channels don't clip in sync.
The great thing with sensors is that we can underexpose 18% (*) and still have very good fidelity. If we underexposed Velvia two stops shadows would have gone black.
Shooting negative film was a different thing. Negative film was noisy in the shadows but had a very long slope in the highlight and a very high dynamic range. The shoulder part did not go into clipping but in slow saturation. So negative film was exposed for the shadows.
The other part of the game is that folks like Adobe developed tools handle the characteristics of digital sensor. So we got highlight recovery, shadows expansion, tone mapping and so on.
In film times we had quite a lot of control with black and white, using development times, different developers and graded papers. With colour less so, I guess.
With great sensors assisted by advanced raw developers in the front and Photoshop in the back end we have a much simpler life. But neither turns us into an Ansel Adams.
Best regards
Erik
Burnouts depend on exposure not on media... Intentional burn outs look the same on film or CDD MF sensor... That's why MF CDDs are exposed for the highlights as film was... (by the knowledgeable).